USD/CAD breaks above 1.13 by Milan Cutkovic

The Loonie dropepd sharply as Oil prices have collapsed and remains offered across the board as we are heading into the NY close. USD/CAD broke above 1.13 without meeting much resistance on the way there. The charts suggest no serious resistance area until 1.17, but it is unlikely that we’ll see a sharp rally towards that level. Larger option structures towards 1.15 will slow momentum and OPEC will likely act if Oil prices decline too much.